(Reuters) – President Joe Biden signed a comprehensive executive order on Friday to promote more competition in the US economy and called on governments to crack down on anti-competitive practices in the agricultural, drug and labor sectors.
If fully implemented, efforts will help reduce U.S. Internet costs, enable reimbursement of airline baggage fees for delayed baggage, and reduce certain prescription drug prices, among many other steps.
Mr. Biden said the order "commits the federal government to enforcing and aggressively enforcing our antitrust laws."
"No more tolerance for monopoly abuse. No more bad mergers leading to massive redundancies, higher prices and fewer options for both workers and consumers, he said before signing the order.
The White House says the degree of entrepreneurship has declined by almost 50% since 1
Mr. Biden's actions follow corporate monopolies across a wide range of industries and include 72 initiatives that he wants more more than a dozen federal agencies will act on.
Antitrust authorities will be told to focus on the health, medical, technology and agricultural sectors as they draw up a laundry list of issues that have irritated consumers, and in the case of drug prices have
Lower wages caused by a lack of competition are estimated to cost the American median household $ 5,000 a year, according to a white Ho use fact sheets citing research from the American Economic Liberties Project, an influential Washington-based antimonopoly group.
The initiatives will undoubtedly start a series of fights with the affected industries.
The powerful U.S. Department of Commerce issued a statement saying that "smacks of a" government knows best "strategy for managing the economy" and promised to "strongly oppose demands for government prices, burdensome and legally questionable regulations, efforts to to treat innovative industries such as public utilities and the politicization of antitrust oversight, to sell and close competition clauses for millions of workers and many professional licensing requirements.
and reacted to farmers and ranchers who sometimes say they encounter too few buyers for their animals.
The administration is also trying to make it easier for customers to change banks and bring transaction data and restore net neutrality rules that require companies to treat all internet services equally .
The workshop The current order will lead the Ministry of Justice and the Federal Trade Commission to carefully examine mergers. and to challenge previous deals that have been completed.
It calls on the FTC to issue rules to address competition concerns from Big Tech companies, Facebook, Apple, Alphabet Google and Amazon, and to limit "killer acquisitions" where large Internet platforms have potential
lower prices for consumers by allowing the import of medicines from Canada, where they are cheaper. It also calls on the Department of Health and Human Services to draw up a plan to combat high drug prices and bottling.
The Executive Regulation also establishes a Competition Council in the White House, chaired by the Director of the National Economic Council and including many Cabinet Secretaries, to monitor progress in completing the initiatives in the Order.